State of New Jersey Common Pension Fund D Has $2.43 Million Position in Qorvo, Inc. $QRVO

State of New Jersey Common Pension Fund D lowered its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 8.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,659 shares of the semiconductor company’s stock after selling 2,726 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Qorvo were worth $2,433,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Banque Transatlantique SA acquired a new stake in Qorvo during the first quarter worth approximately $27,000. Larson Financial Group LLC boosted its holdings in shares of Qorvo by 222.6% in the 1st quarter. Larson Financial Group LLC now owns 429 shares of the semiconductor company’s stock valued at $31,000 after purchasing an additional 296 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Qorvo in the 1st quarter valued at $34,000. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Qorvo by 166.5% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 485 shares of the semiconductor company’s stock valued at $41,000 after purchasing an additional 303 shares in the last quarter. Finally, Ameritas Advisory Services LLC acquired a new stake in shares of Qorvo in the 2nd quarter valued at $43,000. Institutional investors and hedge funds own 88.57% of the company’s stock.

Wall Street Analyst Weigh In

QRVO has been the topic of a number of research analyst reports. Susquehanna reaffirmed a “neutral” rating and issued a $95.00 target price (up previously from $90.00) on shares of Qorvo in a report on Wednesday, July 30th. The Goldman Sachs Group initiated coverage on Qorvo in a report on Thursday, July 10th. They issued a “neutral” rating and a $90.00 target price on the stock. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Qorvo in a report on Wednesday, October 8th. Loop Capital raised their target price on Qorvo from $75.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, July 30th. Finally, Mizuho downgraded Qorvo from a “neutral” rating to an “underperform” rating and set a $75.00 target price on the stock. in a report on Monday, October 20th. Five equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, Qorvo presently has a consensus rating of “Hold” and an average price target of $96.33.

Qorvo Stock Up 5.7%

Shares of QRVO opened at $97.42 on Wednesday. Qorvo, Inc. has a 52 week low of $49.46 and a 52 week high of $106.30. The stock has a market capitalization of $9.03 billion, a price-to-earnings ratio of 114.61, a PEG ratio of 1.80 and a beta of 1.42. The company has a debt-to-equity ratio of 0.45, a quick ratio of 2.01 and a current ratio of 2.81. The stock has a fifty day moving average of $91.00 and a 200-day moving average of $83.17.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Tuesday, July 29th. The semiconductor company reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.30. Qorvo had a return on equity of 12.63% and a net margin of 2.21%.The company had revenue of $818.80 million during the quarter, compared to analysts’ expectations of $775.61 million. During the same period in the prior year, the company earned $0.87 EPS. Qorvo’s revenue was down 7.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Qorvo, Inc. will post 4.09 earnings per share for the current fiscal year.

Insider Activity at Qorvo

In related news, SVP Paul J. Fego sold 13,612 shares of the firm’s stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $95.00, for a total transaction of $1,293,140.00. Following the completion of the transaction, the senior vice president directly owned 54,558 shares of the company’s stock, valued at $5,183,010. This trade represents a 19.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.41% of the company’s stock.

About Qorvo

Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.